Insight Business Support PLC Proposed Subscription, Board Changes & Name Change (9981E)
02 Noviembre 2022 - 1:01AM
UK Regulatory
TIDMIBSU
RNS Number : 9981E
Insight Business Support PLC
02 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. THIS ANNOUNCEMENT
AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION,
RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
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THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART
OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO
SUBSCRIBE OR PURCHASE, ANY SECURITIES IN ANY JURISDICTION.
2 November 2022
Insight Business Support Plc
("IBSU" or the "Company")
Proposed Offer for Subscription, Board Changes, Proposed Change
of Name and Appointment of Broker
IBSU is pleased to announce its intention to undertake an offer
for subscription to raise gross proceeds of up to GBP2.0 million,
board changes, a proposed change of name and the appointment of
Zeus as Broker.
Following the proposed changes outlined above, the purpose of
IBSU will be to identify, engage and unlock trapped value in UK
listed companies across any sector. Through active engagement and
alignment via taking stakes directly, IBSU aims to effect change
where existing shareholders are often unable or unwilling to do so
themselves.
IBSU announces that it intends to raise up to GBP2.0 million at
2.0p through an offer for subscription (the "Proposed
Subscription"). The issued share capital of IBSU is currently
47,525,000. The board of IBSU has the current authority to issue up
to a further 150 million shares without the requirement for a
general meeting. The New Directors of IBSU intend to subscribe for
new shares in the Proposed Subscription.
With effect immediately following the completion of the Proposed
Subscription John Goold will become Chief Executive Officer, Mark
Kirkland will become Chief Financial Officer and Jamie Brooke will
become Chief Investment Officer (John Goold, Mark Kirkland and
Jamie Brooke together being the "New Directors") and Jon Pither
will step down as Non-Executive Chairman.
John Goold, 51, qualified as a chartered accountant in London
with Touche Ross in 1996 before a 25 year career in the City
raising growth capital and advising small and mid cap companies.
John initially started in corporate finance before moving into
equity sales and corporate broking where he spent most of his
career. During his career, John has helped raise over GBP5.0
billion for his clients much of which was while he was Chief
Executive of Zeus from 2012 to 2021.
Mark Kirkland, 54, qualified as a chartered accountant with
Price Waterhouse Coopers in London and has gained extensive
corporate experience gained over 30 years having held numerous
senior roles in public and private companies. Mark's initial career
was in corporate finance predominantly with UBS. Mark has been CFO
of numerous public and private companies and latterly was CEO of
Delin Property, a pan European Logistics developer, investor and
manager. He is currently a Non-Executive Director at Strix Group
plc and an adviser to DP World.
Jamie Brooke, 51, has over 25 years investment experience and
has been a director on over 20 company boards. He was formerly lead
fund manager for the Hanover Catalyst Fund. Prior to this, he spent
12 years with the top-rated Volantis team, specialising in
strategic and active UK small cap equity investing, where he was
lead fund manager for the Volantis Catalyst Funds and led the
team's corporate engagement strategy. Earlier experience was gained
at 3i and Quester in private equity, after qualifying as a
Chartered Accountant with Deloitte. Jamie read Maths at Oxford
University and is currently NED at Oryx International Growth Fund
Ltd, Chapel Down Group plc and Flowtech Fluidpower plc.
In line with the board changes above, the current share options,
excluding 1,418,250 options, disclosed in IBSU's prospectus
published 20 February 2020 will be cancelled with immediate effect
following the Proposed Subscription. A new management incentive
plan ("MIP") will be put in place at the appropriate time. No
directors, including the New Directors, will draw any salary while
the business remains in its current nascent stage.
The directors of IBSU are pleased to announce a change of name
to Kelso plc and TIDM to KLSO with effect from the completion of
the Proposed Subscription. The Company is developing a new website,
which remains under construction, that will be www.kelsoplc.com.
Until the new website is finalised, the existing website
www.insightbusinessuk.com, will remain in use.
IBSU has appointed Zeus as its broker and King & Spalding as
its legal adviser with immediate effect.
For further information please contact:
Insight Business Support Plc +44 (0) 75 4033 3933
John Goold, Chief Executive
Officer
Mark Kirkland, Chief Financial
Officer
Jamie Brooke, Chief Investment
Officer
Zeus (Broker) +44 (0) 20 3829 5000
Nick Cowles, Matt Hogg (Investment
Banking)
Ben Robertson (Corporate Broking)
END
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